"We are honoured, all of us, the leaders of the nation, of the Territory, of the city, all of us honoured to be in the company of you, veterans and survivors of that day.

"We, your sons and daughter, stand in awe at the selflessness, courage and sacrifice of your generation.

"You won the war. You saved the nation. You preserved and defended our freedom. And then, with forgiveness, you built the peace. We salute you."

The attacks by Japanese bombers on February 19, 1942, devastated the US Navy and was the largest loss of life in Australian waters in history.

The most commonly cited figure is 243 killed and at least 500 injured or missing, but because many people were buried in hurried graves on beaches or at sea, it is unlikely the true number of dead will ever be known.

The attacks involved 188 aircraft launched from four Japanese aircraft carriers located in the Timor Sea, followed by a second wave of 54 land-based bombers, supported by more than a dozen ships, destroyers and submarines.

The attacks on northern Australia continued for almost another two years.

Veteran still haunted by events

Basil Stahl, 94, was a surveyor at the time of the bombing and remembers it clearly.

"I was sitting on the edge of the slip trench with sandbags on it about to have my morning tea and coffee and they bloody flew over and that upset my coffee, I didn't have my coffee that morning," Mr Stahl said.

Mr Stahl said the events of World War II still haunted him at times, as he remembered all his comrades who have now died.